The Financial Ombudsman Service (FOS) has suggested a regulated financial adviser and unregulated introducer were working together to acquire clients for failed off-plan hotel development Harlequin.
The ombudsman found Allan McRoberts of AM Wealth Management Services (AM) had set up self-invested personal pensions (SIPPs) for clients referred to him by a former adviser, who was no longer authorised, so they could invest in the unregulated scheme. Their existing pensions did not allow this type of investment. Harlequin worked by taking deposits from mainly UK pension investors to build properties in the Caribbean, with the idea that they could then be sold at a profit on completion or used to generate a rental income from holidaymakers. But out of a scheduled 6,000 properties, it ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
